Trump accounts sign up 5 million kids, Bessent says

Key Points:

• Trump accounts have enrolled 5 million children, with 1.2 million eligible for a $1,000 pilot program contribution funded by the Treasury, announced by Treasury Secretary Scott Bessent.
• The tax-deferred investing accounts, part of President Trump's "big beautiful bill," will officially launch on July 4, available to all U.S. children under 18 with a Social Security number, though the $1,000 seed money targets babies born between 2025 and 2028.
• Multiple companies and philanthropists have pledged to match the initial $1,000 Treasury deposit, with tech CEO Michael Dell confirming ongoing commitments and a total pledge of $6.25 billion last year.
• Contributions to the accounts can come from various sources, including charitable organizations and local governments, enabling community-based sponsorships and incentives for activities like community service and good grades.
• Bank of New York Mellon will manage the accounts and has partnered with Robinhood to develop an app aimed at teaching children about investing and capitalism through the Trump accounts platform.